Probably yes, Honda has already delayed it by one year, you might see a new city in January-16, Honda probably delayed it not to clash it with toyota corollas launch.
City completed 6 years in January 2015, and we didn't see any new city. Unlike earlier this time city got a facelift in mid year like previously city launches and face lifts comes around january-february. So chances are you might see a new city in January -16 or mid year 16, if not then Honda is skipping a genearation
Other then that delaying the launch and adding options like standard keyless entry and indicator sidemirrors with bringing in the facelift at the end of the life cycle doesn't seems justified.
Why would they wait for the auto policy? Honda and Toyota Pakistan are driven by regional Head Thailand. All decision making is done their. Ckd units come from there. So since parts are being imported may it be 2002 city may it be 2020 city policy is the same